The document provides an overview and corporate summary of Yamana Gold Inc. It discusses Yamana's portfolio approach, with a focus on cornerstone assets that continue to meet or exceed expectations. It acknowledges challenges with some historical development projects but outlines a plan to improve performance and divest non-core assets. Key messages are around Yamana's confidence in its ability to execute its current plan and that it represents a significant value proposition.

1. TSX: YRI | NYSE: AUY
Corporate Summary
December 2014

2. 2
Cautionary Note Regarding Forward-
looking Statements
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains “forward-looking statements” within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Except for statements of historical fact relating to the Company,
information contained herein constitutes forward-looking statements, including any information as to the Company’s strategy, plans or future financial or operating
performance. Forward-looking statements are characterized by words such as “plan,” “expect”, “budget”, “target”, “project”, “intend,” “believe”, “anticipate”,
“estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions,
assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and
uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking
statements. These factors include the Company’s expectations in connection with the expected production and exploration, development and expansion plans at the
Company’s projects discussed herein being met, the impact of proposed optimizations at the Company’s projects, the impact of the proposed new mining law in Brazil
and the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities
based on projected future conditions, fluctuating metal prices (such as gold, copper, silver and zinc), currency exchange rates (such as the Brazilian Real, the Chilean
Peso, the Argentine Peso, and the Mexican Peso versus the United States Dollar), possible variations in ore grade or recovery rates, changes in the Company’s hedging
program, changes in accounting policies, changes in mineral resources and mineral reserves, risk related to non-core mine dispositions, risks related to acquisitions,
changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risk related
to joint venture operations, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other
consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected
changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of
the development of new deposits, success of exploration activities, permitting time lines, government regulation and the risk of government expropriation or
nationalization of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing
and possible outcome of pending litigation and labour disputes, as well as those risk factors discussed or referred to in the Company’s current and annual
Management’s Discussion and Analysis and the Annual Information Form for the year ended December 31st, 2013 filed with the securities regulatory authorities in all
provinces of Canada and available at www.sedar.com, and the Company’s Annual Report on Form 40-F for the year ended December 31st, 2013 filed with the United
States Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual actions, events or results to
differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated
or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates,
assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The
forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational
performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and may not be appropriate for other purposes.
Please note that “GEO” means gold equivalent ounces throughout this presentation.
Silver production is treated as a gold equivalent converted at a ratio of 50:1.
All amounts are expressed in United States dollars unless otherwise indicated.

3. Key messages
The “Take-Aways”
• Focus on quality assets: cornerstone mines have met
or exceeded expectations and continue to deliver
• Solid balance sheet with a plan to further improve
• Admit and deal with challenges of historical
development stage assets and implementing plan for
improvements
• Plan for divestment of non-core assets
• Flattened organizational structure and recognized
need for more technical strength
• HIGH degree of confidence for current plan and
ability to execute
3

4. Making the Distinction
How you look at Yamana
4
CORNERSTONE
ASSETS
El Peñón
Chapada
Canadian
Malartic
Gualcamayo
MercedesMinera
Florida
Jacobina
NON-CORE
ASSETS
Pilar Fazenda
Brasileiro
C1 Santa
Luz
Ernesto/
Pau-a-
Pique

5. Yamana’s Portfolio Approach
Cornerstone Assets
5
Chapada
El Peñón
Gualcamayo
Mercedes
Minera Florida
Jacobina
Canadian Malartic(3)
Early 2014
Guidance
Year-to-Date
Production
103,000 82,650
448,000 329,270
170,000 134,404
129,000 80,662
114,000 87,941
89,000 54,741
1,053,000 769,668
1. A non-GAAP measure. A reconciliation of can be found at www.yamana.com/Q32014 in accordance with previous Canadian GAAP for public entities.
2. Includes cash costs, sustaining capital, corporate general and administrative expense, and exploration expense.
3. 2014 production attributable to Yamana for the period since acquisition on June 16, 2014 equal to 76,639 ounces.
Nothing has changed for our Cornerstone assets, Continue to track to guidance
Year-to-date
AISC(1,2) at
Cornerstone
Assets
$754/GEO
Total
260,000 201,366
Guided to 134 Mlbs of Copper production – YTD 98.5Mlbs

6. Operational Performance
Cornerstone operations
6
2014
Production
(GEO/Mlbs)
Ore
processed
(tonnes)
Grade
(g/t / %)
Recovery
Rate (%)
Chapada Gold Q3 30,522 5,440,264 0.28 59.3
YTD 82,650 15,319,507 0.27 59.4
Copper Q3 38.0 0.39 81.2
YTD 98.5 0.36 80.3
Gualcamayo Q3 43,060 1,440,285 1.43 73.5
YTD 134,404 4,781,836 1.51 69.1
Canadian
Malartic (50%)
Q3 64,761 2,416,797 0.94 89.0
YTD 76,639 2,814,609 0.95 89.2
Jacobina Q3 21,112 372,243 1.89 93.6
YTD 54,741 1,063,044 1.74 92.0

7. Operational Performance
Cornerstone operations
7
2014
Production
(GEO)
Ore
processed
(tonnes)
Gold
Grade
(g/t)
Gold
Recovery
Rate (%)
Silver
Grade
(g/t)
Silver
Recovery
Rate (%)
El Peñón Q3 117,102 375,507 6.19 93.7 227.73 85.2
YTD 329,270 1,093,663 6.26 93.5 210.59 83.5
Mercedes Q3 30,532 176,310 5.30 94.8 54.91 33.3
YTD 80,662 503,424 4.92 94.5 57.77 31.2
Minera
Florida
Q3 30,596 437,202 1.99 80.1 45.59 63.9
YTD 87,941 1,290,460 2.18 79.9 32.28 59.1

8. 8
Revolving Credit Facility:
Drawn to Fund Development
0
100
200
300
400
Jan 2013 Dec 2013 Sep 2014
$Millions
• Revolving facility balance increased due
to development projects
• Challenges/delays in commissioning of
projects impacted cash balance
o Cash flow from new operations had
been expected to pay off revolver
o Loss in expected revenues during
extended commissioning period
o Loss now stopped and plan developed
and undertaken to meet strategic
objective
Strategic Objective: Zero balance on revolver
because it is Prudent and Responsible

9. 9
Paying down the revolving facility
Four Pillars
$146M
$135M
$94M
2012 2013 2014 YTD
G&A Expenses
Operating Cost Structure
New
dividend
level
conserves
$80 million
per year
Manageable Dividend
Monetization of Non-Core
Producing Assets
and Development
Projects
Additional Opportunities
Q1 2013 Q3 2014
G&A Exploration Sustaining Op costs
$856
$807

10. 10
Focus on cost containment
Continuing to deliver reductions
$146M
$135M
$94M
2012 2013 2014 YTD
$113/GEO
$94/GEO
$121/GEO
• Implemented cost containment
initiative in Q2 2013
• Included reduction in G&A
expenses both corporately and at
mine site
• Efforts continue to identify areas
for additional reductions
• Significantly streamlined
management for efficiency with
added benefit of G&A reductions.
General & Administrative
Expenses

11. 11
Lower AISC Cost Structure
Continued Improvement
Q1 2013 Q3 2014
G&A Exploration Sustaining Op costs
$807
1. A non-GAAP measure. A reconciliation of can be found at www.yamana.com/Q32014 in accordance with previous Canadian GAAP for public entities.
2. Includes cash costs, sustaining capital, corporate general and administrative expense, and exploration expense..
New cost structure sustainable, longer term initiatives underway
All-in Sustaining Cash Costs
(1,2)
Yamana Cost Trend
Q1
2014
Q2
2014
Q3
2014
$780
$746 $744
Steady, low
cost level of
Cornerstone
Assets
Cornerstone Assets
$856

12. 12
Dividend History
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$0
$5
$10
$15
$20
$25
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
AUY Gold ($/oz - Right Axis)
Increased
quarterly
dividend to
$0.02/share
Increased
quarterly
dividend to
$0.015/
share
Increased
quarterly
dividend to
$0.03/share
and declared
special
dividend of
$0.01
Increased
quarterly
dividend to
$0.045/share
Increased
quarterly
dividend to
$0.05/share
Increased
quarterly
dividend to
$0.055/share
Increased
quarterly
dividend to
$0.065/share
Decreased
quarterly
dividend to
$0.0375/
share
Decreased
quarterly
dividend to
$0.015/
share
New dividend level conserves ~$80M per year
Previous
Annual Dividend
New
Annual Dividend
$0.15/share $0.06/share
$132M $53M
Dividend
first
introduced
in June 2006
at
$0.01/share

13. Additional Opportunities
Potential to accelerate increases in available cash
• Monetization of non-core
• Ring-fenced assets – potential monetization through sale
• Pilar, C1 Santa Luz, Fazenda Brasileiro
• Ernesto Pau-a-Pique
• Agua Rica – Copper, Molybdenum, Gold
• Potential monetization through sale of project or stream or
partnership interests
13

14. Overcoming Challenges
Undertook the development of 2 large expansions and 4 development projects
 Expansion at Gualcamayo – QDDLW
 Expansion at Chapada - Corpo Sul
 Development of Mercedes
X 3 other development projects
• Challenges identified in early 2013
• Assurance of plan to rectify
• Opportunity and benefit given to operations team to manage
Beginning in late 2013 – reality became more clear
RESULT:
Significant change to management structure
Significant enhancement to project/asset review
Suspend further efforts on challenged development projects
14

15. Yamana’s Portfolio Approach
Brazilian development projects
15
Decisive action improved positioning to enhance value going forward
Current Status:
• C1 Santa Luz: Care and maintenance: Annual cost $2-3 million
• Ernesto: Producing a modest 20,000 ounces per year:
Breakeven in Q2/Q3 2014 with sale of energy
• Pilar: expected to breakeven in 2015 at $1,100 Au.
Total
associated
carrying
costs
$6 – 8M

16. Streamlined Management Structure
16
CEO
Peter Marrone
SVP, Southern
Operations
Gerardo Fernandez
SVP, Northern
Operations
Daniel RacineEVP, Enterprise
Strategy
Darcy Marud
SVP, Technical
Service
Barry Murphy
SVP, Exploration
William Wulftange

17. Portfolio Going Forward
17
Cornerstones of cash flow generating assets form production base
Chapada
El Peñón
Gualcamayo
Mercedes
Canadian Malartic
Jacobina
Minera Florida
Cerro Moro
• Management focus on cornerstone operations
consistent with balanced approach to growth
• Cornerstone operations will continue to contribute
most significantly to production and cash flow
• Optimizations, expansions and cost reductions drive
increased returns
Key Assets
• Hold the potential to become key assets
• Development approach at Cerro Moro is the same as
Mercedes

18. 18
Fourth Quarter Expectations
Continued focus on cornerstone operations
Focus on cornerstone assets expected to deliver record quarterly production
Q4 Expectations Production Cash Costs(1)
Chapada
El Peñón
Gualcamayo
Mercedes
Canadian Malartic
Minera Florida
Jacobina
• Production expected to exceed 405,000 GEO
• Revenues expected to increase from:
– Unsold ounces from Q3 (~18,000 GEO)
• AISC(1,2) expected in line with guidance: $825 to $875 per GEO
1. A non-GAAP measure. A reconciliation of can be found at www.yamana.com/Q32014 in accordance with previous Canadian GAAP for public entities.
2. Includes cash costs, sustaining capital, corporate general and administrative expense, and exploration expense.

19. 19
Cerro Moro, Argentina
Expected to generate significant cash flow and robust returns
- High-grade gold-silver deposit
Mercedes
Development Path
Feasibility Study Completed
Feasibility Study Completed Pre-Development work
Pre-Development work Advanced Engineering
Advanced Engineering
Construction Decision
Construction Decision
Expected by end of year
Development completed on
time and on budget
Cornerstone asset
Delivering on expectation
Development approach to
Cerro Moro

20. • Production expected to increase:
over 1.42M ounces
• Costs are expected to be consistent with
2014 or lower
• All else being equal, expect to generate
more cash flow as production will be
generating margin and cash flow than
2014
• Expansionary capital expenditures expected
to decline
• Cash position expected to increase
20
2015 Expectations

21. 21
Key messages
The “Take-Away”
HIGH degree of
confidence for current
plan and ability to
execute
A significant value
proposition

22. 22
Lisa Doddridge
Vice President, Corporate Communications and
Investor Relations
200 Bay Street, Suite 2200
Toronto, Ontario
M5J 2J3
416-945-7362/1-888-809-0925
lisa.doddridge@yamana.com
www.yamana.com